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    Chong-En Bai (baichn at sem.tsinghua.edu.cn)
    Tsinghua University

    Jinhui Bai (baijh at pbcsf.tsinghua.edu.cn)
    Tsinghua University and Washington State University

    Qing Liu (liuqing at sem.tsinghua.edu.cn)
    Tsinghua University

    Min Ouyang (ouyangm at sem.tsinghua.edu.cn)
    Tsinghua University

    Yi Wen (wenyi at sem.tsinghua.edu.cn)
    Federal Reserve Bank of St. Louis and Tsinghua University

    Tao Zha (tao.zha at atl.frb.org)
    Federal Reserve Bank of Atlanta, Emory University, and NBER